28 January, 2025 | 11:01 IST
A home is more than just walls and a roof; it’s a reflection of your personality, style and aspirations. Whether it’s your first home or one you’ve lived in for years, personalising and maintaining it needs close attention from time to time. Home renovation may be required every few years to keep your residential property safe against several factors, like weather impact or natural events.
Over time, homes inevitably demand attention — be it for a fresh coating of paints, modern upgrades or necessary repairs. While these renovations can breathe new life into your living space, they often come with hefty price tags that may not fit comfortably into your immediate budget. That’s where home renovation loans step in as a practical and efficient financial solution.
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A home renovation loan empowers you to revamp, refurbish and upgrade your space without straining your savings. It enables you to create a more stylish, functional and comfortable living environment, aligning with your unique taste and preferences.
It not only eases the financial burden of upgrading your home but also helps bring your vision of a stylish and functional space to life. Whether it’s modernising the kitchen, revamping your living room, or adding contemporary fixtures, these loans offer the flexibility to transform your house into your dream home without draining your savings — all while managing costs through convenient monthly installments.
What sets home renovation loans apart is their tailored purpose. Unlike traditional home loans designed for buying property, renovation loans are specifically intended to fund improvements, repairs or modifications to your existing home. Offered by banks and NBFCs, these loans bridge the gap between your aspirations and reality, allowing you to handle anything from minor fixes to extensive overhauls with ease. You can even use a personal loan for home renovation.
Moneycontrol has partnered with seven lenders to give you access to 100% digital instant loans of up to Rs 15 lakhs. The process is quick and hassle-free, involving just three simple steps: provide your details, complete the KYC process, and choose your preferred EMI tenure. With interest rates starting as low as 12% per annum, these loans are tailored to suit your financial needs, with rates varying based on your employment status.
Renovating your home is a rewarding endeavour, but financing it requires thoughtful planning. A home renovation loan in India comes with several advantages that make it a practical and cost-effective solution. Here’s why opting for this loan could be the right move for you:
1) Lower Interest Rates: While personal loans are a common choice for home renovation, they come with significantly higher interest rates since they are unsecured loans. Home renovation loans, on the other hand, offer interest rates comparable to home loans, making them a more affordable financing option for your renovation needs.
ALSO READ: Personal loan: Follow these simple steps to secure a loan at low interest rate
2) Tax Benefits: A major advantage of home renovation loans is the tax benefit they offer. Under Section 24 of the Income Tax Act, you can claim a deduction of up to ₹30,000 annually on the interest paid. This tax-saving feature is not available with personal loans, making home renovation loans a more financially savvy choice.
3) Faster Processing: With minimal paperwork and straightforward requirements, home renovation loans are processed quickly. The expedited disbursal process ensures you can begin repairs or upgrades to your home without unnecessary delays.
4) Minimal Documentation: Applying for a home renovation loan is simple and hassle-free, as it requires only basic documents such as identity proof, property documents, and a photograph. This streamlined process makes it far easier than other financing options, allowing you to focus on your renovation plans.
Applying for a home renovation loan is a straightforward process, requiring minimal documentation. Below is a list of essential documents that lenders typically ask for:
ALSO READ: How to get a quick personal loan: Your essential guide for instant loan approval
Through the Moneycontrol app or website, applying for a loan of up to Rs 15 lakhs has never been easier. With interest rates starting as low as 12% per annum, the process is entirely paperless, enabling you to secure an instant loan quickly and conveniently.
Renovating your home after years of wear and tear not only improves its appearance but also makes the living experience better, bringing joy and a sense of renewal. Home renovation loans in India offer a host of benefits, from affordable interest rates and tax savings to minimal documentation requirements.
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